Majority of Indian businesses view UK as key market for expansion

The UK is seen as a preferred international destination for expansion by a majority of Indian businesses, according to a new analysis by business and financial adviser Grant Thornton UK released here on Wednesday.

Grant Thornton's International Business Report (IBR), which surveys the expectations of around 3,500 senior executives in 31 economies every quarter, found that 89 per cent of mid-market Indian businesses referred to the UK in their growth preferences and 61 per cent of UK businesses had a similar view of India as a market for expansion.

A proposed India-UK free trade agreement (FTA), currently in the fourteenth round of negotiations, is seen as holding out great potential to further boost this two-way business attraction.

Businesses in both India and UK markets are setting their sights on the other as a key destination for global expansion, drawn by the two markets' strategic advantages and strong cultural connections, said Anuj Chande, Head of South Asia Business Group a